Fiera Milano S p A : The Board of Directors approves the consolidated results as of 30 September 2025

• Revenues of Euro 231.8 million, up +25.7% compared to Euro 184.5 million in the first nine months of 2024 (+€47.3 million), and higher than Euro 177.8 million in the first nine months of 2023;
• EBITDA of Euro 71.6 million, an improvement of +14.7% compared to Euro 62.4 million in the first nine months of 2024 (+€9.2 million), and higher than Euro 56.2 million in the first nine months of 2023;
• Net profit of Euro 17.1 million, up +9.5% compared to Euro 15.6 million in the first nine months of 2024, and sharply higher than Euro 7.2 million in the first nine months of 2023;

• Net Financial Position before IFRS 161 effects: net financial availability as of 30 September 2025 equal to Euro

113.8 million, compared to a net financial availability of Euro 77.8 million as of 31 December 2024.

‌1For the sake of completeness, it should be noted that the net financial position including IFRS 16 lease liability amounted to Euro 212.1 million as of 30 September 2025, compared to Euro 253.8 million as of 31 December 2024.

The Chief Executive Officer and General Manager of Fiera Milano, Francesco Conci, commented: "In the first nine months of 2025, Fiera Milano confirmed a solid and sustained growth trajectory, with revenues up 26% and EBITDA up 15% compared to the previous year, demonstrating the strength of our business model and our ability to continuously generate value. The results exceeded expectations, with over €35 million in cash generated and net financial availability reaching €113.8 million. The positive contribution of all business lines, particularly the congress and services segments, supported the Group's balanced growth even in a heterogeneous market environment, confirming the effectiveness of our diversification strategies and the overall solidity of our model. The success of events such as Gastech, Tuttofood and Bit, along with the congress segment's growth of over 30%, driven by major international events, underscores Fiera Milano's and Allianz MiCo's central role in the European exhibition and congress landscape. Meanwhile, we have taken important steps on the strategic and international fronts: from the acquisition of Expotrans, which strengthens our integrated service offering, to the agreement with NAFEM for the development of HostMilano in the United States and the awarding of the World Gas Conference 2028. These results confirm our ability to attract major global events and consolidate the Group's international leadership in the exhibition and congress industry. More than ever, Fiera Milano is positioning itself as a business platform serving companies and regions, open to develope shared strategies and international projects with leading national and global players to generate value and promote the country's competitiveness. We look forward to the fourth quarter with confidence, driven by the success of HostMilano and the launch of Host Arabia, and we confirm our 2025 guidance, with expected revenues between €350-370 million and an EBITDA between €115-125 million. We continue to build value with a long-term vision, combining growth, innovation and sustainability, as demonstrated by the recent appointment of Fiera Milano as Chair of the Sustainability Committee of UFI, the global association of the exhibition industry, for the three-year period 2026-2029."

In the first nine months of 2025, Consolidated Revenues amounted to Euro 231.8 million, an increase of Euro

The positive revenue trend in the first nine months reflects both a performance effect, driven by stronger organic results and the launch of new events, and a calendar effect. The period benefited from the solid performance of annual exhibitions, further supported by the introduction of new exhibitions - such as Artigiano in Fiera -Anteprima d'Estate and NetZero Milan - partially offset by the postponement of Salone Franchising Milano to the last quarter of the year. The presence of Gastech, an international travelling event dedicated to the energy industry, also had a positive impact, recording results above expectations. Additional contributions came from major biennial exhibitions, including TUTTOFOOD and The Innovation Alliance, Europe's largest event dedicated to industrial machinery. Finally, growth reflects also the excellent performance of the congress business, the increased service penetration, the use of the venue in preparation for the XXV Milano Cortina 2026 Winter Olympic Games and the expansion of logistics offerings following the acquisition of the Expotrans Group.

In January, the second edition of Milano Home was held, featuring over 600 brands (34% international), alongside Quick&More and PTE - Promotion Trade Exhibition. The three simultaneous events exceeded 32,000 visitors. February saw the return of fashion-related events with Milano Unica (over 700 exhibitors), MIDO (nearly 1,200 exhibitors, 42,000 attendees from 168 countries) and the fashion accessories hub (MICAM, Mipel, TheOneMilano, Milano Fashion&Jewels) with 40,449 visitors, 45% international. These were followed by Lineapelle (nearly 1,000 exhibitors and 24,977 operators) and the first edition of BIT at Rho (more than 200 exhibitors from 64 countries), MyPlant & Garden (over 700 exhibitors, 27,000 attendees) and Filo, dedicated to yarns. In March, the first edition of Racquet Trend Expo was held, Fiera Milano's first B2C sports event, with over 100 exhibitors, followed by Fa' la cosa giusta! with 52,200 visitors and nearly 500 exhibitors. April saw the return of Salone del Mobile, with 302,548 attendees and over 1,000 exhibitors from 37 countries. Also in April, Sì Sposaitalia Collezioni took place (over 200 brands from 21 countries), along with Miart (179 galleries from 31 nations). In May, TUTTOFOOD was held (95,000 professional visitors, 25% international), followed by Made in Steel, Issa Pulire, Lamiera, and the first edition of NetZero Milan, expo-summit on industrial decarbonisation. Also in May, The Innovation Alliance took place (including Ipack-Ima, Print4All, Greenplast and Intralogistica Italia), with over 108,000 attendees from 143 countries and 1,857 exhibitors. Among the most significant new entries was the debut of Artigiano in Fiera - Anteprima d'Estate, which welcomed over 200,000 visitors and nearly 800 artisans from 50 countries.

In the third quarter, the focus was primarily on exhibitions dedicated to the fashion industry. In July, the 41st edition of Milano Unica took place, recording a significant increase in the participation of international companies (+10% compared to the corresponding 2024 edition). In September, the fashion accessories segment featured MICAM Milano and Mipel, which welcomed over 20,000 visitors, of which 57% from abroad; Milano Fashion&Jewels, Fiera Milano's event dedicated to accessories, clothing and jewelry for the fashion industry and high-end retail, took place concurrently with The One Milano. Lineapelle followed, attracting over 21,000 visitors and 1,150 exhibitors. Simac Tanning Tech attracted over 7,000 visitors. These highly international events were joined by Filo, which took place for the first time in the pavilions of the Rho exhibition district.

Over a thousand speakers and more than 50,000 energy sector stakeholders attended Gastech, the most important global event dedicated to gas, hydrogen, climate technologies and the use of AI in energy industry. September also saw the staging of Vitrum, the international glass processing machinery exhibition, which attracted over 200 exhibitors, of which 30% from abroad. Fiera Milano also hosted the twelfth edition of EXPO Ferroviaria, the biennial international exhibition that is a key point of reference in Italy and Europe for railway technologies, products and systems. The event attracted over 10,000 visitors.

In the first nine months of 2025, revenues from the Foreign Exhibitions Business amounted to Euro 4.3 million, thanks to the organisation of well-established events in strategic areas for the Group's internationalisation. In South Africa, the twelfth edition of Investec Cape Town Art Fair (ICTAF) hosted 124 exhibitors and welcomed 30,000 visitors, confirming its role as the leading contemporary art fair in Africa. In Brazil, the second edition of Fruit Attraction São Paulo, organised by the local subsidiary, featured 400 Brazilian and international brands, while Exposec, now in its twenty-fifth edition, brought together over 800 brands and 57,000 visitors, consolidating its leadership in the Security sector.The second edition of Esquadria was held in Brazil, an event jointly organized by Fiera Milano and NürnbergMesse, focused primarily on solutions for windows, doors, facades and related structures. In the first nine months of 2025, 13 exhibitions were held in China, including CDIIF - Chengdu International Industry Fair, GITF, Domotex, LET China, International Fastener Show China, Metallurgy China -China International Metallurgical Industry Exhibition, MWCS - Metalworking and CNC Machine Tool Show, and Industrial Automation Show China. In addition, in September, Singapore hosted the third edition of FIND - Design Fair Asia, which featured more than 250 brands spread across over 11,000 square metres of exhibition space.

Very strong results for the Congress Business, which in the first nine months of 2025 recorded revenues of Euro

45.3 million, a double-digit growth compared to Euro 35.9 million of the same period in 2024, driven by high-profile international events such as the Asian Development Bank Annual Meeting 2025 and the European Hematology Association Congress. A total of 77 congress events were held during the first nine months, including corporate conventions such as Zurich and Allianz, and major international congresses such as EAPC 2025 - ESC Preventive Cardiology, ESH 2025 - European Meeting on Hypertension and Cardiovascular Protection, and FIF - Salone Professionale di Fisioterapia. Allianz MiCo also hosted leading scientific and industry-specific events, including BIO-Europe Spring, focused on the life sciences sector, Intergraf and the Antarctic Treaty Consultative Meetings (ATCM). In July, Allianz Mico hosted Fems Micro, Europe's leading microbiology conference, bringing together over 2,000 participants from over 95 countries. The congress centre further confirmed its role as a key venue for national business events, including the Salone del Risparmio (over 15,000 participants and more than 400 speakers), Packaging Première & PCD Milan (over 8,300 visitors and more than 300 exhibitors) and Netcomm Forum (over 30,000 attendees and more than 300 exhibitors). On the occasion of the Wizz Air Milano Marathon, it also hosted the Milano Running Festival, across an 8,000-square-meter exhibition area, featuring entertainment, workshops and product presentations.

EBIT for the first nine months amounted to Euro 33.3 million, compared to Euro 23.8 million in the first nine months of 2024. The Euro +9.5 million increase mainly reflects the EBITDA trend and lower depreciation and amortisation, partially offset by the impairment of the Mipap Milano Pret-à-Porter brand.

Net Financial Position as of 30 September 2025, excluding IFRS 162 lease liabilities, shows a net financial availability of Euro 113.8 million, compared to a net financial availability of Euro 77.8 million as of 31 December 2024. The increase mainly reflects cash generation driven by the results achieved, advance payments received for events scheduled in the fourth quarter and proceeds from agreements with Milano Cortina related to the XXV Winter Olympic Games. This effect was partially offset by dividend payments and disbursements related to the acquisition of Expotrans.

In the first nine months of 2025, the Group recorded overall results exceeding expectations, confirming the solidity of its business model and its ability to maintain a path of sustained growth. Although the macroeconomic context remains marked by uncertainty and volatility, which have led to a slowdown in certain market segments - particularly in the fashion sector, within the Italian Exhibitions business line - the diversification of the exhibition portfolio and the strong performance of other business lines, especially in the congress and services segments, more than offset these dynamics, supporting the Group's overall profitability.

The congress business performed particularly well, recording growth of over 30% in the first nine months of 2025 compared to the previous year, driven by major international events such as the Asian Development Bank Annual Meeting 2025 and the European Hematology Association Congress, confirming the strategic importance of Allianz MiCo within the European congress landscape. The strengthening of both physical and digital services also continued, recording growth of 8% in the first nine months of 2025 and a structurally positive trend. The exhibition business also delivered solid results, with key events such as Bit, Tuttofood and the travelling exhibition Gastech - outperforming expectations in terms of both attendance and services provided. The results for the first nine months also reflect the initial positive effects of consolidating Expotrans, a leading company in exhibition logistics, which joined the Group's scope in May 2025.

In the fourth quarter, the outlook remains positive, supported by HostMilano, which recorded an increase in exhibition space and international participation compared to the previous edition, and by the launch of the first edition of Host Arabia, marking the start of the event's international expansion. Key upcoming events - including EICMA and Milan Games Week & Cartoomics - are scheduled for Q4 2025.

In light of these factors, the Group confirms its guidance for the 2025 financial year, forecasting revenues

‌2For the sake of completeness, it should be noted that the net financial position including IFRS 16 lease liability amounted to Euro 212.1 million as of 30 September 2025, compared to Euro 253.8 million as of 31 December 2024.